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r COORDINATOR THOMAS INFORMED HIM THAT THE BOARD OF COUNTY COMMISSIONERS CAN ACTUALLY ACT AS THE HOUSING FINANCE AUTHORITY IF THEY WISH, BUT IN MOST CASES, IT IS BETTER IF THEY DO NOT. ATTORNEY COLLINS POINTED OUT THAT THE BOARD DOES HAVE CONTROL OF APPOINTMENTS AND REMOVALS. CHAIRMAN WODTKE WANTED TO BE SURE THAT THE MONEY IS ONLY MADE AVAILABLE TO THOSE WHO REALLY NEED IT AND NOT TO SOMEONE WHO WANTS TO BUILD A $100,000 HOUSE, AND COORDINATOR THOMAS STATED THAT SUCH PEOPLE WOULD NOT QUALIFY BECAUSE THE BOND COVENANT ELIMINATES THOSE HAVING OVER 120% OF THE MEDIAN INCOME. DISCUSSION FOLLOWED ON THE MAKEUP OF THE HOUSING FINANCE AUTHORITY, AND IT WAS FELT THAT IT WILL REQUIRE PEOPLE WITH EXPERTISE WHO ARE ABLE TO GIVE A GREAT DEAL OF TIME. INTERGOVERNMENTAL COORDINATOR THOMAS NOTED THAT HE CANNOT SERVE ON THE HOUSING FINANCE AUTHORITY, BUT CAN SERVE AS THE ADMINIS- TRATOR, WHICH HE FELT WOULD TAKE ABOUT 25% OF HIS TIME. HE STATED THAT MUCH OF THE WORK WILL BE DONE BY THE TRUSTEE BANK, AND IT WILL BE THE COORDINATORS DUTY TO KEEP THE BOARD ADVISED. THE CHAIRMAN ASKED IF ANYONE PRESENT WISHED TO BE HEARD. BEN THOMPSON, PRESIDENT OF INDIAN RIVER FEDERAL SAVINGS & LOAN STRESSED THAT IT IS VERY IMPORTANT TO TAKE INTO CONSIDERATION NOT ONLY THE INCOME OF THE APPLICANT, BUT THEIR OVERALL FINANCIAL PICTURE AND THEIR NET WORTH. ARTHUR WILSON, OF TORONTO AND A TEMPORARY RESIDENT OF THE COUNTY, FELT THE IDEA OF HAVING A HOUSING FINANCE AUTHORITY IS FIRST CLASS. HE NOTED THAT THE PRICE RANGE BEING DISCUSSED IS $30435,000, AND POINTED OUT THAT MOST CONDOMINIUMS NOW ARE IN THE $52,000 RANGE. HE SUGGESTED THAT THE BOARD HAVE LAND AVAILABLE FOR AN R-2 OPERATION WHICH WOULD ALLOW DUPLEXES OR TOWNHOUSES TO BE BUILT AT LESS COST. PETER ROBINSON, VICE PRESIDENT OF LAUREL HOMES, ASKED ABOUT POINTS, CLOSING COSTS AND INTEREST RATES. THE COORDINATOR FELT 5% WAS BEING CONSIDERED, BUT IT WAS NOTED THAT THE AUTHORITY ITSELF WILL MAKE THESE DECISIONS. 29 JUN 61979 Bou 40 FACE 4®4